DISCUSSION.

The author comments on the article "The Effects of Recent Credit and Debt Management Policies Upon Life Insurance Company Investments," by James J. O'Leary. The author explains that he learned four lessons from the article. One of the lessons was that there appears to be that general restrictions were more effective than the selective controls. The second lesson is that the effectiveness of general controls depend mainly on the reduced availability of loans. Another lesson is that it appears that higher interest costs to borrowers are not a major influence in restricting loans. It was also learned that the effects of credit restriction are not easily measurable.